DeFi Development Corp SEC Filings

DeFi Development Corp. (DFDV) filed an amended S-1 to offer $65,000,000 of 10.00% Series C Cumulative Perpetual Preferred Stock. Dividends accrue at 10.00% on the $100 liquidation preference and are payable quarterly on March 31, June 30, September 30 and December 31, beginning on September 30, 2025, when, as and if declared. The preferred is convertible into common stock at a conversion rate set at pricing and subject to adjustment.

The deal is a firm commitment underwriting with an underwriters’ 30-day option for up to 15% additional shares for overallotments. The company may redeem all outstanding shares if the total aggregate liquidation preference falls below 25% of the amount issued in this offering, at liquidation value plus accrued and unpaid regular dividends. DeFi Development has applied to list the preferred on Nasdaq as “CHAD” and expects trading within 30 days after first issuance; its common stock trades on Nasdaq as “DFDV” (last sale $16.15 on October 13, 2025). Net proceeds are intended for general corporate purposes, including the acquisition of Solana and working capital.

DeFi Development Corp. (DFDV) insider Form 4 reports that Kang Daniel, the company's Chief Strategy Officer and a director, was granted a stock option on 09/19/2025 to purchase 57,500 shares of common stock at an exercise price of $16.93. The option is exercisable beginning 09/19/2026 and expires on 09/19/2035.

The award vests over four years: one-quarter vests on the first anniversary of the grant date and thereafter one thirty-sixth vests monthly for the following 36 months, subject to continued service. The Form 4 was signed by an attorney-in-fact on behalf of the reporting person on 09/23/2025.

DeFi Development Corp. (DFDV) Form 3 reports that Daniel Kang, listed as Chief Strategy Officer and officer of the issuer, disclosed beneficial ownership of 49,898.17 shares of common stock held indirectly through Defi Dev LLC and a direct stock option to purchase 122,500 shares at an exercise price of $3.91. The option first becomes exercisable on 04/09/2026 and expires on 04/09/2035; it vests over four years with 25% on the first anniversary and monthly vesting thereafter, subject to continued service. The filing was signed by an attorney-in-fact on 09/23/2025 and includes an Exhibit 24 power of attorney.

DeFi Development Corp. filed an S-1 to register Series C Cumulative Perpetual Preferred Stock intended to raise proceeds to support general corporate purposes, including the acquisition of Solana ("SOL") and working capital. The Series C will pay cumulative regular dividends quarterly and is convertible into common stock at an initial conversion rate (conversion price disclosed as adjustable). The company may optionally redeem all Series C shares under a threshold test. The Series C will generally carry limited voting rights. The filing discloses the company’s digital asset treasury strategy, including holdings and activity: $3.9 million held at digital asset platforms, $256.1 million of net additions (purchases, staking and validator operations) from July 1 to September 10, 2025, proceeds from Solana borrowings of ~$41.1 million and $6.9 million of fair value appreciation of SOL during that period. In July 2025 the company issued $122.5 million aggregate principal of 5.5% convertible senior notes and used $75.6 million of net proceeds to repurchase common stock in a prepaid forward stock purchase. The company lists multiple material risks tied to its SOL strategy, custody and regulatory uncertainty. The company’s common stock trades on Nasdaq under DFDV and the last reported sale price shown is $17.64 (September 15, 2025).